Broadband access is widely recognized as a catalyst for the economic and social development of a country. Broadband roll-out has a more potent impact than the spread of basic telephony. For it not only allows people to communicate, but also to do business more efficiently over longer distances, be better educated, have access to better health services, benefit from better governance, and has enhanced entertainment services. A major part of the expected increase in GDP and economic uplift due to broadband access will come from the benefits that high speed data networks and internet access will have on corporate efficiency and success. Economists are already predicting significant macroeconomic benefits from the proliferation of broadband networks. It is believed that widespread broadband usage can extend the IT revolution and further improve national and regional productivity, helping to promote robust economic growth and increase the standard of living especially in the developing countries.
The World Summit on the Information Society recognized that “access to information and sharing and creation of knowledge contributes significantly to strengthening economic, social and cultural development”. Information is a fundamental driver of increased efficiency and worldwide competitiveness in this age of IT revolution. It is shaping the future by providing opportunities to information, invention and wealth creation. Global economic processes including international and national trade is increasingly influenced by the creation, dissemination, accumulation and application of knowledge and information. Broadband technologies can provide foundation for building up knowledge and applying in both private and public sector. Countries that have recognized the benefits of broadband technologies and have deployed extensive broadband networks have better advantage for sustained economic growth and social development. The recent advances in technology have further strengthened the link between digital information and national development. The term IT revolution or can also be called as knowledge revolution as it provides an opportunity to foster greater competitiveness, new economic growth and job creation, better access to basic services, improved health and education outcomes, and greater empowerment of local communities. Some remote villages in developing countries are already beginning to use the Internet to sell commodities directly to the global market, to improve educational opportunities, and to increase their participation in decision making. Spread of Broadband can directly influence the productivity, cost effectiveness and competitiveness in industries, which is the advantage to developing countries that can build their economies upon and catch up on developed economies in terms of application of technology and resulting economic benefits. The development of broadband services on regional and global basis can play a very important role for the overall improvement of economic, social, political, and cultural values. It promotes the sharing and exchange of such values across different cultures, and in doing so, fosters healthier inter-cultural relationships and stronger links between people across the globe. Around the world, broadband is being adopted faster than any preceding technology before and expectations of it are increasing almost daily and has become as accelerator for economic growth.
Broadband can play a very pivotal role in not only in economic development of a country but also in its social development if it is properly implemented and utilized. Economic developments which are measurable and hence are shown up in GDP, national accounts statistics, FDI, are not the only component of development. Development can also include improvements in the capabilities of the population, such as education, health and nutrition, independently of any direct or indirect economic impact. Broadband is not a one time process but a constant phase of transformation. It cannot act as a magic bullet for any economy but it can provide the basic infrastructure upon which other technologies and application can act to provide benefits to economy and social development. It is also necessary to have the minimum skill set to utilize the benefits broadband has to offer. It is also important for policy makers in the government to realize the basic fact that by providing high speed internet to communities cannot guarantee economic benefits it’s the knowledge and skills to use the technology to their own benefits whether personal or business that has to be provided to people to utilize the socio-economic benefits.
